Diddy won an auction for his previously owned brand Sean John for $7.551 million recently, nearly doubling the initial bid, which was $3.3 million. That reacquisition price nonetheless likely is far less than he received when he sold the brand’s assets back in 2016.
It is no surprise that Diddy did this, as he previously signaled he wanted to reacquire it after the branding company he sold it to filed for bankruptcy this year.
“I launched Sean John in 1998 with the goal of building a premium brand that shattered tradition and introduced Hip Hop to high-fashion on a global scale. Seeing how streetwear has evolved to rewrite the rules of fashion and impact culture across categories, I’m ready to reclaim ownership of the brand, build a team of visionary designers and global partners to write the next chapter of Sean John’s legacy,” Diddy said in a statement after winning the auction.
Sean John has not been his only successful investment outside of the music business. Due to his success in investing, mostly involving his partnership with Ciroc vodka and ownership of DeLeon tequila, Combs landed on the Forbes’ “Highest Paid Celebrities” List, as number 37, in 2020.
The year that Diddy sold Sean John to Global Brands, the brand built retail sales of about $450 million in 2016. However, Combs’ relationship with Global Brands went downhill in 2021 and he sued them for trademark infringement when they used his “Vote or Die” slogan. He believed that the statement belonged to him and that using it under the Sean John brand name would lead customers to believe that he was still in charge of the brand.
Combs is convinced that buying back the brand will revive it. Global Brands filed for Chapter 11 this year, saying that the company had experienced losses during the COVID-19 pandemic.
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